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Royal Academy of Arts, London / David ParryLondon has long been home to some of the world's leading art galleries — Tate Modern, Somerset House and the National Gallery are among the U.K.'s most visited attractions. CNBC asked a mix of artists to name their favorite public and commercial galleries to visit in London — large or small. Contemporary galleries — and an upscale hotelMultidisciplinary artist Lauren Baker, who is exhibiting at the Venice Biennale until November, named contemporary galleries — and a hotel — as her favorite places to see art in London. Her top London galleries include the Royal Academy of Arts, for its "wonderful" exhibitions, she told CNBC by email. Rob Stothard | Getty ImagesEdwards also likes major London galleries Tate Modern and Tate Britain.
Persons: David Parry London, Lauren Baker, Alice, It's, Rachael Louise Bailey, Matthew Harris, Baker, Woolff, Apolline Bokkerink, Joanne Tinker, Jeff Greenberg, Matthew Flower, Amanda Wilkinson —, Maureen Paley, Gillian Wearing, Wolfgang Tillmans, Ratnam, Katharine Edwards, Mark Rothko's, Rothko, Rob Stothard, Edwards, Mark Rothko, Komal Madar, Kandinsky, Munter, Komal, Madar, Judy Chicago's, Modigliani, Gilbert Proesch, George Passmore, Gilbert, Joe Maher, Tom Oldham, Dave Grohl, Usain Bolt, Gilbert Prousch, Oldham, Queen Elizabeth II, Andy Warhol, Phillips, Dan Kitwood Organizations: Royal Academy of Arts, Royal Academy of Arts ,, Somerset House, CNBC, Venice Biennale, Alice Black Gallery, Universal, Getty, Turner, Tate Galleries, Cricket Fine, London's Tate, Tate, Tate Britain, Seagram, Gilbert & George Centre, Oldham, George Centre, . Locations: London, Royal Academy of Arts , London, Venice, London's Soho, Fitzrovia, Mayfair, Andalusia, Spain, London's Chelsea, New York, Serpentine, Hyde, London's Bermondsey, Islington, Soho, England
SEC Heightening Scrutiny of Auditors’ Crypto Work
  + stars: | 2022-12-22 | by ( Jean Eaglesham | ) www.wsj.com   time to read: 1 min
The SEC is looking closely at how crypto companies are portraying their reports from audit firms. The Securities and Exchange Commission is stepping up scrutiny of the work that audit firms are doing for cryptocurrency companies, concerned that investors may be getting a false sense of reassurance from the firms’ reports, a senior official at the regulator said. “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” Paul Munter, the SEC’s acting chief accountant, said in an interview.
U.S. SEC heightening scrutiny of auditors' crypto work - WSJ
  + stars: | 2022-12-22 | by ( ) www.reuters.com   time to read: +1 min
Dec 22 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal on Thursday. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal. The SEC did not immediately respond to a Reuters request for comment on the report. read moreSeveral crypto firms have since been bracing for a fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
The Public Company Accounting Oversight Board proposed tightening the requirements around how audit firms obtain and verify outside evidence about their clients, such as from customers and lenders, a process aimed at preventing fraud. Under the current rule, audit firms must send out requests, typically electronically, asking a third party to confirm the accuracy of certain information, such as the amount of accounts receivable. Audit firms are allowed to assume that the lack of a response is a corroboration of accuracy. The PCAOB now wants audit firms to go a step further by confirming the amounts of cash and cash equivalents held by third parties—typically lenders. The PCAOB last proposed changes to its confirmation rules in 2010, but the proposal, which some audit firms at the time called overly prescriptive, didn’t advance further.
The SEC is concerned that auditors too often fail to respond adequately to red flags that point to possible financial chicanery. Wall Street’s top watchdog is warning that the market selloff and fears of a recession could encourage more companies to cook their books, and it is pressuring auditors to catch them. “The current economic environment is subject to significant uncertainties and, historically, that oftentimes leads to heightened fraud risk,” Paul Munter , acting chief accountant at the Securities and Exchange Commission, said in an interview. “So we are trying to be proactive and speak to the marketplace.”
The SEC’s Investor Advisory Committee, a group of investors, academics and financial advisers, recommended setting up another advisory committee to ensure the Financial Accounting Standards Board remains politically independent. PREVIEWRoughly 260 accounting and tax experts in November 2021 asked federal lawmakers to not tie the then-proposed tax to income metrics reported to investors. The new advisory group would consider ways to strengthen financial reporting in areas such as intangible assets, for example internally developed software, the Investor Advisory Committee said. SEC staff attend the FASB’s advisory committee meetings as formal observers and provide insight to help with rule making but lack the voting power of full board members. The FASB should then factor those costs into the cost-benefit analysis it conducts when drawing up new accounting rules, the SEC Investor Advisory Committee said.
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